Maclay Murray & Spens LLP is reporting a 30 per cent rise in profits available to members to £14.1 million for the 2014 year to May 31.

The commercial law firm, which has offices in Edinburgh, Glasgow and London, said fee revenue rose seven per cent in the year to £43.3 million (2013; £40.4 million).

Last year the firm had reported a 23 per cent dip in full-year profits to £11.05 million, which had included a one-off gain of £252,000 from the sale of its fixed-fee subsidiary, Law at Work.

The 2013 results had also shown a 13 per cent dip in turnover to £40.8 million (2012: £46.9 million).

The firm said profits from the 2014 year available to all members rose to £14.1 million (2013: £10.8 million), which has lifted the profit per equity partner by 24 per cent – equating to £50,000 – to £261,000.

Profits per partner for the 2013 year averaged £190,000.

Kenneth Shand, chief executive of Maclay Murray & Spens, said on an underlying level, profits available to members rose by 35 per cent, before exceptional items.

The firm has not outlined the exceptional items in a statement in lieu of the accounts being filed with Companies House, nor has the firm provided any details on how much the partner with the largest entitlement had picked up for the 2014 year.

Maclay Murray & Spens reports “particularly strong performance in corporate, tax, real estate, construction and financial services” in the 2014 year had allowed the firm to “invest further in its London and Scottish offices”.

The investment included the promotion of five lawyers to partner in the year, with a further four partner promotions announced on June 1.

Commenting on the results, Shand said the firm is “in excellent shape, both at a strategic and operational level, which is testament to the commitment of our partners and staff, who have maintained a clear focus on delivering what really matters to clients”.

He added: “The legal sector has faced a period of considerable economic uncertainty and has also had to tackle structural change.

“We have by no means been immune to these challenges but I am confident we have a very strong platform from which to move forward.

“In fact, the underlying trend is even more encouraging with our total profit figure showing an increase of 35 per cent before exceptional costs.”

Looking ahead, Shand said: “Irrespective of the outcome of September's independence referendum, we believe clients will continue to look for legal advisers who share their own vision.

“Continued investment in our London and Scottish offices, underpinned by our active role in Lex Mundi, the leading global network of independent law firms, remains at the heart of our strategy, which will allow us to support clients across domestic and international markets.”